Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. DR CR
Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. DR CR
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
100%
Using the accounts listed below, record
Accounts Payable | Merchandise Inventory | Sales |
Purchases | Sales Discounts | |
Cash | Purchase Discounts | Sales Returns and Allowances |
Cost of Goods Sold | Purchase Returns and Allowances | Sales Tax Payable |
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
- Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.
DR CR -
DR CR - Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.
DR CR -
DR CR - Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.
DR CR - Aug. 18: Customer paid their account in full with cash.
DR DR or CR? CR
![Using the accounts listed below, record journal entries for the following transactions
of Furniture Warehouse, which uses the perpetual inventory system:
Merchandise
Accounts Payable
Sales
Inventory
Accounts Receivable
Purchases
Sales Discounts
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all
dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30,
invoice date August 3; the couches cost Furniture Warehouse $150 each.
DR
Merchandise Invent
$7,500
CR
Accounts Payable
$7,500
DR
CR](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb2607285-2d07-4e53-8dcc-8563c298aa29%2F2cd9e597-2fa3-416d-a498-9e69fbd5c52f%2Fsxlcvg0j_processed.png&w=3840&q=75)
Transcribed Image Text:Using the accounts listed below, record journal entries for the following transactions
of Furniture Warehouse, which uses the perpetual inventory system:
Merchandise
Accounts Payable
Sales
Inventory
Accounts Receivable
Purchases
Sales Discounts
Sales Returns and
Cash
Purchase Discounts
Allowances
Purchase Returns and
Cost of Goods Sold
Sales Tax Payable
Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all
dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30,
invoice date August 3; the couches cost Furniture Warehouse $150 each.
DR
Merchandise Invent
$7,500
CR
Accounts Payable
$7,500
DR
CR
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